ADI vs FNGD: Correlation
Analog Devices (ADI) and MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) show a negative relationship: their 3-year correlation of weekly returns is -0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADI and FNGD?
On 3 years of weekly data the ADI/FNGD correlation comes out at -0.54, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.48 lands near the 3-year figure. The 5-year figure is -0.58, and annualized covariance runs at -1344.7 %².
Among the 51 assets we track against ADI, FNGD sits near the bottom by co-movement, at rank #49. Their recent paths diverged sharply: over the last 12 months ADI outperformed by 104.3 percentage points (+48.6% for ADI against -55.7% for FNGD). One caveat on sizing: FNGD is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ADI vs FNGD: side by side
| ADI (Analog Devices) | FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | |
|---|---|---|
| 1-year return | +48.6% | -55.7% |
| 5-year return | +143.1% | -99.4% |
| Volatility (ann.) | 32.6% | 75.7% |
| Beta vs S&P 500 | 1.56 | -4.54 |
| Max drawdown (3Y) | -32.2% | -97.6% |
| Market cap | $181.5B | – |
| P/E (trailing) | 44.6 | 20.6 |
| Dividend yield | 1.15% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | ADI | FNGD |
|---|---|---|
| 2022 | -4.9% | +52.2% |
| 2023 | +23.4% | -90.1% |
| 2024 | +8.8% | -76.6% |
| 2025 | +29.8% | -61.4% |
| 2026 | +38.9% | -49.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADI and FNGD good diversifiers for each other?
Yes. With a correlation of -0.54, ADI and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ADI and FNGD?
The ADI/FNGD correlation stands at -0.54 on a 3-year window (1 year: -0.48, 5 years: -0.58), computed from weekly returns as of 2026-08-27.
Is FNGD a good diversifier for ADI?
Yes. With a correlation of -0.54, ADI and FNGD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.54 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/adi-vs-fngd.json
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Related comparisons
Hubs: ADI correlations · FNGD correlations
